RAZORPAY PAYMENTS ENTITY FY23 PROFIT
Fino Payments Bank eyes tripling digital banking revenue share by FY25
Fino Payments Bank sees an opportunity in the digital banking space after Paytm Payments Bank's exit. To capitalise on this, they're ramping up their digital offerings, aiming to grow their digital revenue share from 5-6% in FY24 to 15% this fiscal year. Since December, Fino has deployed around 14,000 QR codes which reported 300,000 transactions valued at Rs 33 crore.
RBI cracks down on payment frauds; layoffs at Simpl
The central bank is setting up a panel headed by former NPCI chief Abhaya Hota to take on payment frauds. This and more in today’s ETtech Top 5.
RBI sets up panel to track online payment frauds; AP Hota to head committee
Along with Hota, representatives of NPCI, State Bank of India, HDFC Bank and ICICI Bank have been made members of the committee. The platform will establish operational guidelines for the proposed processes, determining the extent of data to be provided by reporting entities such as banks and fintechs. The committee will be responsible for defining these guidelines.
Reality behind the 8.2% FY24 GDP growth is not as robust
The 8.2% FY24 GDP growth reflects a modest deceleration from 3QFY24 at 8.6%. Real gross value added growth slowed considerably in 4QFY24 to 6.3% from 8.3% in 1QFY24.
Stripe pulls back from India; Oxyzo FY24 results
Citing stricter regulatory requirements, US payments major Stripe has shifted to an ‘invite only’ mode in India. This and more in today’s ETtech Top 5.
Oxyzo FY24 operating revenue up 59% to Rs 903 crore, net profit at Rs 290 crore
Oxyzo Financial Services, the lending arm of OfBusiness, reported a 59% increase in operating revenue to Rs 903 crore for FY24. The company raised $200 million at a unicorn valuation from investors like Alpha Wave Global. Ruchi Kalra leads Oxyzo, which has a net worth of Rs 2,600 crore.
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Angel One to undertake corporate restructuring, create holding company
Angel One, the country’s third largest stock broker, is set to undertake a major corporate restructuring exercise, according to two people in the know. Angel One is setting up a holding company under which all its different business entities will be held as subsidiaries.
Cashfree appoints ex-Razorpay executive Harsh Gupta as CRO
Cashfree will also see another transition in its organisational structure with Arun Tikko, the chief business officer, being elevated to a bigger role to lead the international expansion of its business across new markets. Harsh Gupta will now focus on the company's market growth, revenue operation and market expansion in India.
Apollo Hospitals Q4 Results: Net profit soars 77% YoY to Rs 258 crore; revenue jumps 15%
Apollo Hospitals Q4 Results: Revenue from operations for the January-March 2024 period increased 15% YoY to Rs 4,944 crore. The company's board has recommended a final dividend of Rs 10 per share for FY24. EBITDA for the fourth quarter stood at Rs 640 crore in the reporting March quarter, compared with Rs 488 crore in the same quarter a year earlier.
HUL-owned Oziva posted Rs 44 crore loss on Rs 104 crore revenue in FY24
In FY23, OZiva had posted a net profit of Rs 58.3 crore, as it benefitted from a one-time gain of Rs 95.5 crore during the year. Its operating revenue for the year was Rs 99.3 crore.
DB Corp Q4 Results: Net profit up nearly three-fold at Rs 122 crore
Media house DB Corp Ltd on Wednesday reported a nearly three-fold jump in consolidated net profit at Rs 122.52 crore for the fourth quarter ended March 31, helped by a broad-based growth across verticals.
Infibeam Avenues reports 55% jump in profits at Rs 147 crore for FY24
Infibeam Avenues, the Ahmedabad-based company behind CCAvenue payment gateway and BuildaBazaar enterprise software, saw its annual revenue soar by 61% to Rs 3,171 crore in FY24, compared to Rs 1,962 crore the previous year. Profit after tax also jumped significantly, rising 55% to Rs 147 crore from Rs 94.6 crore.
Jindal Steel Q4 Results: Profit doubles in March quarter on lower costs
The steel-maker’s consolidated net profit was Rs 933 crore, while total revenue from operations fell over 1% on year to Rs 13,487 crore.
Jindal Steel Q4 Results: Cons PAT zooms 100% YoY to Rs 933 crore, but revenue falls 1%
Jindal Steel Q4 Results: In the corresponding quarter of the last financial year, the company reported a PAT of Rs 466 crore. On a sequential basis, the consolidated PAT was down 52% versus Rs 1,928 crore reported in Q3FY24. Gross revenue for the quarter under review stood at Rs 15,749 crore, down from Rs 15,797 crore reported in Q4FY23.
Cipla Q4 Results: Net profit jumps 79% YoY to Rs 939 crore on strong sales momentum
Cipla's North America sales, which constitute primarily US, grew 11.8% YoY to Rs 1875 crore driven by key products Lanreotide (used for treating growth hormone disorder) gaining market share to 20.8% and 12-13% Albuterol (anti-asthma inhalation) coupled with robust demand in base business.
BSE Q4 Results: Cons PAT jumps 18% YoY to Rs 107 crore; revenue skyrockets 115%
BSE Q4 Results: The exchange had reported a profit of Rs 91 crore in the year-ago period. The consolidated revenue from operations for the reported quarter stood at Rs 488.37 crore. The company's board of directors also recommended payment of a final dividend of Rs 15 per equity share.
Paytm market cap nears $2.5 billion; state-run banks turn to GenAI
Paytm’s market capitalisation is down to nearly $2.5 billion after a ninth straight session of declines on the BSE.
Coal India Q4 Results: Net profit surges 26% YoY to Rs 8,682 crore, beats estimates
Coal India Q4 Results: Revenue from operations during the January-March 2024 period declined 2% year-on-year to Rs 37,410 crore. The same stood at Rs 38,152 crore in the corresponding period of last year. Operationally, the production of raw coal increased to 241 million tonnes in the fourth quarter as against 198 million tonnes in the previous-year period.
Adani Power Q4 Results: Net profit slides 48% YoY to Rs 2,737 crore on increased expenses
Adani Power Q4 Results: Its net profit was Rs 5,242.48 crore in the January-March period of the preceding 2022-23, the company said in an exchange filing.
SBI Life Q4 Results: Net profit rises 4% YoY to Rs 811 crore
The net premium income during the quarter rose 26% YoY to Rs 25,116 crore. The company has maintained its leadership position in Individual Rated Premium of Rs 172.3 billion with 23.3% private market share in FY24.
Wipro Q4 results; RBI nod for Cred’s payment aggregator biz
IT services major Wipro saw an 8% fall in its consolidated net profit in the March quarter. This and more in today’s ETtech Top 5.
Jio Financial Q4 Results: Net profit rises 6% QoQ to Rs 311 crore
The net profit was Rs 294 crore in the preceding December quarter. For the full year ended March 2024, the financial services company's net profit grew multi-fold to Rs 1,604 crore as against just Rs 31 crore in FY23.
BillDesk reports slight growth in revenue, fall in profit in FY23
BillDesk's operational revenue increased to Rs 2,678 crore for FY23, with net profit at Rs 141.9 crore. Entrackr reported the financials, highlighting revenue stagnation and profit strain over the last three years, surpassing competitors like Razorpay and CCAvenue.
Razorpay’s payments entity reports flat profit of Rs 7.3 crore in FY23
Razorpay Software Pvt Ltd saw its revenue from operations grow 54% in FY23 to Rs 2,279 crore from Rs 1,481 crore in FY22. Employee benefits and salaries were one of the biggest cost centres for the startup, comprising 28% of the total expenses.
Tax payout for domiciling to India is high but we have accounted for it: Razorpay CEO
“We are at least two years from an IPO... Before that we want other parts of our business to break even and be profitable on all fronts. Our (online) payments business is break-even,” said cofounder and chief executive Harshil Mathur.
Fino Payments Bank Q3 Results: Firm posts net profit of Rs 23 crore
Its revenue for the quarter was 18% higher at Rs 370 crore while EBITDA expanded by 30% to Rs 50.5 crore. Overall throughput value grew by 42% year-on-year to Rs 93,323 crore while digital throughput within it grew 184% to Rs 38,187 crore.
Dream11 posts higher profit, revenue; auditor flags risk from GST demand
Dream11's auditor SR Batliboi & Co, an affiliate of EY, said the notices issued to the company by GST authorities seeking more than Rs 28,000 crore in past tax dues “may cast significant doubt on the group’s ability to continue as a going concern”.
Paytm trims Q3 losses; Dream11 FY23 revenue grows 66%
Digital payments major Paytm on Friday said it has narrowed losses to Rs 222 crore for the quarter ended December, from Rs 392 crore a year ago and Rs 290 crore in the preceding quarter.
Netflix India FY23 revenue jumps 24%; profit soars 75%
Net profit at Netflix India soared 75% last fiscal to Rs 35 crore, from Rs 20 crore in FY22, showed regulatory filings with the Registrar of Companies (RoC).
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